1. GST Audit is in addition to Tax Audit or Company Audit. (Period 1st July 2017 to 31st March 2018).
2. Every Registered person has to conduct GST Audit if his GST Turnover Crossed Rs.2 crores.
3. Here GST turnover will be calculated by aggregate of all GST numbers of common PAN Number.
4. Each GST No. will get his accounts audited separately. Say if you have registration in 5 states and aggregate turnover crossed 2 crores then GST Audit will be conducted for all states separately may be by common CA or separate CA state to state.
5. Audit will be conducted of Accounts to be maintained as per section 35(1) of CGST Act, 2017, which are a true and correct account of (a) production or manufacture of goods; (b) inward and outward supply of goods or services or both; (c) stock of goods; (d) input tax credit availed; (e) output tax payable and paid; and (f) such other particulars as may be prescribed (r/w Rule 56 & 57 of CGST Rule, 2017):
6. You have to break your Profit & Loss A/c as well Balance Sheet in columnar shape for each state, so that you can prepare state wise books and statement for CA to certify.
7. No format as such prescribed by Govt for Audit but “True & Correct A/c” as in VAT/Sales Tax you made Trade A/c likewise statement showing above details at point no.5 in red font will have to be made for certification by CA.
B. Annual Return Form 9: (U/s 44(1) of CGST Act, 2017 r/w Rule 80(1) of CGST Rule, 2017)
1. To be filed by everyone without any limit of Turnover before 31st Dec 2018.
2. This is sum of all GSTR 3B and their details.
3. The copy of GSTR 9 is attached herewith.
4. This is to be signed by Dealer himself.
5. Each state GSTR 9 will be filed separately.
6. GSTR 9 will be submitted along with GST Audited Accounts & Reconciliation Statement GSTR 9C if GST turnover is more than 2 crores.
C. Reconciliation GSTR 9C Certified by CA {u/s 44(2) of CGST Act, 2017 r/w Rule 80(3) of CGST Rule, 2017}:
1. For every GST number if your accounts need to be Audited then A Reconciliation of turnover declared in audited Annual Financial Statement with turnover declared in Annual Return (GSTR9) will have to be submitted at portal on or before 31st Dec 2018.
2. This form shall be signed by CA this is a complex form and you are required to match – GST Turnover, GST Taxable Turnover, ITC availed, GST Paid with Financial Statements i.e. Tax Audited/Company Audited Profit Loss & Balance Sheet.
3. It is also asking for ITC inbuilt in P & L expense items which needs to be break state wise also.
GST Turnover:
Be careful your financial turnover may be only 10 lacs and you have not get audited your accounts but if your branch transfers of stock are 2 crores then your GST Turnover will be 2.10 crores hence you will fall in category of GST Audit + GSTR 9C.
